Holliday Fenoglio Fowler, L.P. (HFF) announces $31 million in financing for two San Antonio, Texas, apartment communities totaling 636 units – Brynwood Apartments and Sereno Park Apartments.

The HFF team worked on behalf of a joint venture between Western Wealth Capital and an MDC Realty Advisors USA, Inc.-managed fund to secure two separate five-year, floating-rate loans through a national bank.  The partnership acquired the properties on an all-cash basis in late 2017, and the loans were arranged post-close to assist with their capital expenditure program.  This transaction follows the recently announced acquisition loans HFF arranged on the partnership’s behalf for two Phoenix-area multi-housing properties, Greentree Place and Autumn Creek Apartments.

Brynwood Apartments was built in 2007 and consists of 276 one-, two- and three-bedroom units featuring stainless steel appliances, faux quartz countertops, shaker-style cabinets and wood-style flooring.  Common area amenities include a resort-style pool with sundeck, grilling area, 24-hour athletic center, clubhouse with coffee café, business center and bark park.  Brynwood Apartments is located at 8711 Bowens Crossing one block inside of Loop 1604, which positions it near the University of Texas at San Antonio campus, Six Flags Fiesta Texas, SeaWorld San Antonio and The Shops at La Cantera in San Antonio’s northwest side.  

Sereno Park Apartments is situated on nine acres at 3903 SE Military Drive just east of Interstate 37 approximately eight miles southeast of downtown San Antonio.  The property’s three-story, Spanish-style buildings house a mix of 360 renovated one-, two- and three-bedroom units featuring breakfast bars, pantries, nine-foot ceilings, faux-wood flooring, full-size washers and dryers and walk-in closets.  Community amenities include a swimming pool, grilling stations, bark park, 24-hour athletic club and covered parking.  

The HFF team representing the borrower included managing director Josh Simon and senior directors Brad Miner and Chris McColpin.

Holliday Fenoglio Fowler, L.P. (HFF) announces financing totaling $172.845 million for five apartment communities comprising 1,534 units in the Denver and Houston metropolitan areas.

The HFF team worked on behalf of the borrower, Advenir, Inc., to secure the seven-year, fixed-rate loans in five separate transactions through Freddie Mac’s CME Program.  The securitized loans were used to refinance existing floating-rate debt on the properties, and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.  HFF worked with the borrower in a strategy to mitigate interest-rate risk amid the current rising rate environment.  The average rate across the five fixed-rate loans is 4.27 percent with rates spanning from 4.21 to 4.34 percent.  The average rate at the retirement of the LIBOR-based, floating-rate loans was 4.47 percent with rates spanning from 4.26 to 4.86 percent.  The fixed-rate conversions took the ongoing LIBOR adjustment risk off the table and ultimately provided the borrower with a reduction in the all-in rate for each property with additional interest-only amortization.

“We have found this to be an opportunistic time to lock interest rates with fixed-rate loans for stable properties that exhibit a long-term ownership horizon,” said Stephen L. Vecchitto, managing director and principal of Advenir, Inc.  “These properties provide substantial current cash flow and continued market appreciation.  While the original floating-rate debt allowed for the execution of the value-add business plan upon acquisition, the new fixed-rate debt allows for interest rate stability and a longer hold timeframe for the asset.”

The properties in the portfolio are: Advenir at Eagle Creek, a 258-unit property located at 10373 North Sam Houston Parkway East in Humble, Texas; Advenir at Woodbridge Reserve, a 288-unit property located at 15000 W. Airport Boulevard in Sugar Land, Texas; Advenir at Cherry Creek North, a 345-unit property located at 1090 S. Parker Road in Denver, Colorado; Advenir at Cherry Creek South, a 292-unit property located at 1211 S. Quebec Way in Denver, Colorado; and Advenir at Del Arte, a 351-unit property located at 151 S. Joliet Circle in Aurora, Colorado.  The portfolio is 94.57 percent occupied overall.

The HFF team representing the borrower included senior managing director Eric Tupler and managing directors Josh Simon and Cortney Cole.

Holliday Fenoglio Fowler, L.P. (HFF) announces $56.5 million in financing for Willow Crossing, a 579-unit, multi-housing community in the northwest Chicago suburb of Elk Grove Village, Illinois.

The HFF team worked on behalf of The Marquette Companies to secure the five-year, floating-rate loan through Wells Fargo.  Loan proceeds were used to acquire the property and include a future-funding component that the borrower will use to revitalize the well-located asset.

Willow Crossing is located in the thriving Chicago suburb of Elk Grove Village, which is home to excellent public schools, substantial recreational facilities and proximate to major employment hubs.  Willow Crossing consists of 14 buildings in a park-like setting.  Renovated units will feature kitchens with new countertops, stainless steel appliances, walk-in closets, hardwood-style floors and private patios or balconies.  Community amenities include two heated swimming pools, a grilling area, volleyball court, bark park, two playgrounds, fitness center, clubhouse, business center and a mix of surface and under-unit garage parking.  In addition, the transit-oriented property is less than three miles from the Itasca Metra station, which offers commuters access around the entire Chicagoland region.

The HFF debt placement team representing the borrower included managing director Matthew Schoenfeldt.

“Lenders recognized Willow Crossing as a genuine diamond in the rough,” Schoenfeldt said. “This factor, combined with Marquette’s masterful value-creation strategy, allowed us to generate multiple aggressive loan proposals.”

Holliday Fenoglio Fowler, L.P. (HFF) announces $47.37 million in joint venture equity for the development of 100 Columbia, a 347-unit, Class A+ high-rise multi-housing community in the Portland CBD.

Working on behalf of developer, Alamo Manhattan, the HFF team arranged a joint venture equity partnership with Diamond Realty Investments.

100 Columbia is located on a 0.92-acre site that spans the block bound by SW Clay Street, SW 1st Avenue, SW Columbia Street and SW 2nd Avenue.  The site, which has a WalkScore® of 93, will support what will be the nearest high-rise residential building to the Willamette River in the CBD.  The site is also one block from Tom McCall Waterfront Park to the east and Keller Auditorium to the west, and is within three blocks of the CBD’s core job center that is home to more than two million square feet of high-rise office.

Due for completion in 2020, 100 Columbia will include a mix of studio, one- and two-bedroom ultra-luxury units averaging 801 square feet.  The 20-story development will feature premium interior finishes and community amenities, including an expansive 15,000-square-foot, sixth-floor amenity terrace and a 20th-floor rooftop resident lounge, which will open onto an observation deck offering unobstructed views of the downtown skyline, Mount Hood and the river.  The property will also include a 16th floor rooftop terrace.  In addition to the multifamily component, 100 Columbia will incorporate nearly 15,000 square feet of ground-floor retail, which will provide immediate convenience for residents and office employees in the surrounding area.

The HFF equity placement team representing the developer included senior managing director Ira Virden, senior director Mark Erland and director Matt Benson.